Good News for LIC Employees; announces 17% wage hike

New Delhi: The employees of Life Insurance Corporation of India (LIC), a well-known insurance company, have received good news as the central government has announced a 17% increase in their salaries. This pay rise covers over 110,000 hardworking personnel who strive every day to serve the statutory insurance body. Furthermore, this decision follows a similar one that resulted in a pay increase for employees in public sector banks, indicating a positive trend in employee remuneration.

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LIC has announced that the wage hike for its employees, effective from August 1, 2022. The insurer also stated that the NPS contribution has been increased from 10% to 14% for nearly 24,000 employees who joined after April 1, 2010. LIC expressed its gratitude to the government for the wage revision.

A one-time ex-gratia payment was also made to more than 30,000 LIC pensioners and family pensioners. In a related development, the government has given its approval for a 17% wage hike for bank employees, effective from November 1, 2022.

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